Posted Jun 30, 2022, 4:43 PM
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Three Center City developments, each with multimillion-dollar condos, vie for same high-end buyers
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The buyers for these condominiums, which run into the millions of dollars and some in the tens of millions, aren’t worried about rising interest rates though they won’t hesitate to take full advantage of a 10-year tax abatement on their purchase.
The last time Center City had a surge in new condominiums on the market was right before the Great Recession when 10 Rittenhouse, the Residences at Two Liberty, Residences at the Ritz-Carlton and the Murano among other projects were developed. Those four towers alone have a combined 819 units.
There are 199 condominiums among the Laurel, 2100 Hamilton and Arthaus and their sales will again test the depth of the high-end market in Center City as well the extent to which buyers are able to look past some of the quality-of-life issues Philadelphia is trying to combat.
“The market is there and I don’t think it is too much given the state of what is available,” said Lisa Yakulis, a real estate agent with Kurfiss Sotheby's International Realty. Yakulis noted that it would also be some time before additional, newly constructed condominiums would be available, which helps keep the supply in check.
“We’re still seeing people coming from New Jersey and New York and the tax advantages, cost of living and what you can get here is still more and less expensive than New York, Boston and Washington D.C.,” she said.
With its 27 units, 2100 Hamilton, designed by Cecil Baker & Partners, is a boutique building perched overlooking the Rodin Museum.
So far, 18 condominiums have gone under contract. Units had started at $2.1 million and are now $2.25 million. The penthouse is listed for $16.5 million. “When we had the encampment next door, we sold nine units,” Bock said.
In 2020, an unauthorized tent city sprang up on property next door to 2100 Hamilton that was later disbanded.
The development’s expansive patio and gardens were planned long before the pandemic but now seem fortuitous as people are more drawn to be outdoors throughout the seasons. The emphasis and commitment to the exterior spaces were deliberate by Bock.
“You’re in the city and I always thought this area was one of the few that displayed a park-like setting and we wanted to make sure we were part of that and we set out to accomplished that,” he said.
Sikora Wells Appel was retained to design the $2.5 million, half-acre private garden with trees, bushes, ornamental grasses and perennials that sits just off the terrace with all of the water and fire features and provides the residents what has been described in marketing materials as "a private oasis."
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Article behind paywall here:
https://www.bizjournals.com/philadel...or-buyers.html
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